The price of Ethereum has made significant reversal against Bitcoin

The price of Ethereum rose above the resistance of 0.0400 BTc and subsequently declined bitcoin abruptly. Both ETH / BTC and ETH / USD are currently under pressure and could accelerate declines.

Important points:

• The price of Ethereum rose near the 0.0415BTC level and subsequently sharply decreased.
• ETH / BTC broke a bullish trend line with support at 0.0410BTC on the 4-hour chart.
• The ETH price is currently trading well below 0.0365BTC and may continue towards 0.0320BTC support.

Price analysis of Ethereum (ETH / BTC)

Last week, there was a steady increase in the price of Ethereum compared to bitcoin above the 0.0380BTC level. ETH at BTC rose above the 0.0400BTC resistance. Subsequently, the ETH / USD struggled to gain traction, with consequent downward moves.

The 4-hour ETH / BTC chart indicates that the price has been traded towards the 0.0420BTC level and has been positioned high near 0.0416BTC. Subsequently, the price started to decline sharply, trading below the 0.0400 BTC support and was below the 50 simple (4 hours) moving average.

The price has even broken the fiber retracement level of 50% of the last wave from 0.0313BTC down to 0.0416BTC at the top. More importantly, there was a break below an uptrend line with support at 0.0410BTC on the same chart.

He eliminated the path for further declines and the price broke support levels of 0.0365BTC and 0.0360BTC. Immediate support is at 0.0338BTC and the fiber retracement level of 76.4% of the last wave from 0.0313BTC low to 0.0416BTC high.

If there is an interruption below the 0.0335BTC level, it is likely that the price will revisit the last minimum fluctuation of 0.0313BTC. On the upside, the initial resistance is 0.0360 BTC and a crucial bearish trend line at 0.0364BTC on the same chart.

Therefore, if the price corrects higher, sellers are close to 0.0.60BTC and 0.0364BTC, above which the main obstacle for buyers is close to the 0.0380BTC level and the average mobile at 50 simple (4 hours).

Overall, Ethereum is under pressure of less than 0.0365 BT compared to Bitcoin and has also fallen below $ 140.00 compared to the US dollar. In the short term, there may be more losses between ETH and BTC provided the price is less than 0.0365 BTc.